Author: Marketforces Africa

OMO Auction Provokes Rates Surge in Money Market Money market rates increased following the Central Bank of Nigeria’s (CBN) open market operations (OMO) aimed at decreasing the funds accessible in the financial system on Monday. The market opened with strong liquidity of more than N1.5 trillion ahead of fresh inflows scheduled for the week. This prompted the monetary authority to float N600 billion worth of OMO bills to keep the liquidity level in check in the money market. The CBN’s intervention aimed to regulate liquidity and money market metrics, resulting in an average rate of 26.5%. The released OMO bills…

Money Market Rates Fall on Excess Banking System Liquidity Money market rates were kept at comfortable levels over excess liquidity levels in the banking system in the absence of overbearing funding pressures. Pressures on interbank rates eased last week on the back of a robust liquidity surplus in the financial system ahead of fresh inflows from OMO bills in the new week. The short-term benchmark interest rates sharply fell by more than 500 basis points week on week, aided by inflows from Treasury bill maturities and Federal Accounts allocation disbursement to states. The financial system recorded a liquidity injection of…

National Health Insurance Authority Sanctions 96 Service Providers, HMOs The National Health Insurance Authority (NHIA) has sanctioned 49 healthcare facilities (HCFs) and 47 health maintenance organizations (HMOs) in 2024 for various violations of operational guidelines. The agency said the move was part of a decisive effort to uphold service standards and protect enrollees under Nigeria’s health insurance schemes. Mr Emmanuel Ononokpono, Acting Head of the Media and Public Relations Unit at NHIA, said this in a statement on Sunday in Abuja. He said the sanctions were based on findings from the 2024 Annual Complaints Report released by the NHIA’s Enforcement…

Equities Investors Gain N1.43T as Market Enters Overbought Side Equities investors recorded N1.43 trillion as net wealth gain in the Nigerian Exchange (NGX) trading platform amidst divergent trading sessions. Transactions closed positive for three straight days and closed negative for the last two trading sessions due to market corrections. The Nigerian Exchange All Share Index beat the 121,000 psychological mark for the first time, according to stockbrokers, pushing key performance indicators northward. The local bourse experienced significant buying interest across several large-, mid, and small-cap stocks, particularly within the Banking, consumer goods, commodities, and agriculture sectors. Hence, market index rose…

Naira, External Reserves Climb as Bonny Light Hits $81 The naira exchange rate appreciated against the US dollar in the forex market as data from the Central Bank of Nigeria (CBN) showed Bonny Light crude oil price climbed to $81 per barrel last week. The local currency has remained stable as the US dollar continues to lose its strength against major trading pairs in the global forex market. The dollar index held steady at 97.2 on Friday, hovering near its lowest level since February 2022, after a four-day slide in which the greenback lost around 1.5%, driven by mounting expectations…

Afreximbank Names George Elombi as Next President The shareholders of the African Export-Import Bank have appointed Dr. George Elombi as the next President and Chairman of the Board of Directors of the continental financial institution. He becomes the fourth President to lead the Bank since its establishment in 1993. His appointment was one of the key decisions of the 32nd Afreximbank group annual meetings and associated events held in Abuja, Nigeria, from 25 to 28 June, with the formal annual general meeting of shareholders taking place on Saturday, 28 June 2025. He succeeds Professor Benedict Oramah, who has served as…

Peace Deal: No sacrifice too great for Rivers—Fubara Gov. Siminalayi Fubara of Rivers says no sacrifice or concession is too great for the peace and stability of the state. A statement by the chief press secretary to the governor, Mr Nelson Chukwu, on Sunday said that Fubara made the statement while addressing his supporters during a meeting in Port Harcourt. The governor stated that the peace deal recently brokered between him, the FCT Minister, Nyesom Wike and members of the House of Assembly was in the best interest of the state. Fubara acknowledged the pivotal role Wike played in his emergence…

Body of Bank CEOs Delivers Critical Relief to Flood Victims in Niger State In a heartwarming display of corporate social responsibility and solidarity, a consortium of Nigerian bank chief executive officers (CEOs), has pledged significant support to alleviate the suffering of flood victims in Niger State The Executive Governor of Niger State, His Excellency Governor Mohammed Umaru Bago on Saturday in Abuja received relief materials from the Body of Bank CEOs led by its Chairman, Mr Oliver Alawuba. The gesture is aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area of the state. Oliver Alawuba,…

South African Rand Climbs to Two Weeks High The South African rand appreciated further to around 17.8 per UD dollar, a level not seen since June 12, benefiting from a weakening dollar and an improving risk sentiment amid signs of de-escalation in Middle East tensions. This helped to ease inflation fears and supported expectations of interest rate cuts by the US Federal Reserve, with Fed Chair Powell keeping the possibility of a July cut on the table. Domestically, the South African Reserve Bank, in its latest biannual Financial Stability Review published on June 19, noted that growing geopolitical upheaval and…

British Pound Rises Against Dollar, Hovers at 4-Year High The British pound rose against the dollar by 2% to $1.373, marking its strongest weekly gain in nearly four months. At the current rate, the sterling is hovering near a four-year high amidst broader decline in the value of US dollar. The latest rally was driven mainly by a weaker US dollar, according to traders as the greenback lost momentum after initial strength during the Israel-Iran conflict faded. The US dollar also slipped on concerns over the Federal Reserve’s independence amid speculation that President Trump may replace Chair Powell, raising expectations…